§302.40.  Disposition of certain collections in Plaquemines Parish

A.  The avails of the tax imposed by this Chapter from the sale of services as defined in R.S. 47:301(14)(a) in Plaquemines Parish under the provisions of R.S. 47:302(C) shall be credited to the Bond Security and Redemption Fund and, after a sufficient amount is allocated from that fund to pay all the obligations secured by the full faith and credit of the state which become due and payable within any fiscal year, the treasurer shall pay the remainder of such monies into a special fund which is hereby created in the state treasury and designated as the "Plaquemines Parish Visitor Enterprise Fund".

B.  The monies in the Plaquemines Parish Visitor Enterprise Fund shall be appropriated each fiscal year by the legislature solely for the purposes provided for in this Section.  The monies in the fund shall be available to the Plaquemines Parish government exclusively to fund the development of tourism and other economic growth projects within the parish of Plaquemines, including but not limited to planning, development, and capital improvements.  All unexpended and unencumbered monies in the fund shall remain in the fund.  The monies in the fund shall be invested by the treasurer in the same manner as the monies in the state general fund.

C.  For purposes of this Section, "capital improvements" shall mean expenditures for acquiring lands, buildings, equipment, or other permanent properties, or for their construction, preservation, development, or permanent improvement, or for payment of principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment of bonds or other evidences of indebtedness associated therewith.

Acts 1997, No. 321, §1, eff. July 1, 1997.